Tuesday, 21 May 2019 | 04:06 WIB

UOB Kay Hian Holdings Limited Purchases Five Percent of Passpod’s Shares

PT Yelooo Integra Datanet Tbk (IDX:YELO), company which manufactures Passpod

JAKARTA, NNC - On November 7, 2018, a large transaction was recorded for the purchase of shares of PT Yelooo Integra Datanet Tbk (IDX:YELO) on the Indonesia Stock Exchange (IDX), which amounted to 19 million shares or five percent of YELO's shares as a whole.

Through information disclosure on the Indonesia Stock Exchange, it was noted that the purchase was made by UOB Kay Hian Holdings Limited, a Singaporean company engaged in brokerage services, personal wealth management, investment banking, investment management, and financial research.

The five percent purchase of YELO's shares by UOB Kay Hian Holdings Limited can be seen as a signal of market optimism, including foreign and retail investors in the business run by Passpod.

Since flooring at the Indonesia Stock Exchange on October 29, 2018, Passpod has released 130 million new shares or the equivalent of 34.21 percent of the total issued or fully paid-up capital.

With the entry of UOB Kay Hian Holdings Limited, the composition of Passpod shareholders became PT Agung Inova Teknologi Indonesia amounting to 42.07 percent, PT Prima Jaringan Distribusi 18.45 percent, PT Digital Indonesia Raya 5.26 percent, Andika Sutoro Putra 5 percent, UOB Kay Hian Holding Limited 5 percent, and the rest owned by the public.

Starting operations in 2016, the number of Passpod customers has now risen 700% to 58,500 users as of June 2018 with the returning consumer by 30%. As of April 2018, the company was also able to increase its net profit by almost 1700 percent compared to the same period the previous year.

The Passpod 4G modem is also currently available to Indonesian travelers in 70 countries and Passpod also plans to expand its business to 5 countries in Asia, including Singapore, Malaysia, Vietnam, Myanmar and South Korea.